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Get up to speed with employment law changes
accelerateonline • Mar 08, 2022
- From 1 April, the minimum wage rate increases from $20 per hour to $21.20. Communicate the change with your employees in writing and if you have staff on salary, make sure their total remuneration meets the requirements.
- The Holidays Act is getting revamped bringing new ways of calculating holiday pay and other leave entitlements and the ability for employees to take annual holidays in advance. Jump on MBIE’s website for more information.
- This year sees the addition of a new public holiday, Matariki , to be marked on Friday 24 June.
- We expected to see a fair pay agreements Bill introduced this year and the Government intro duced it into Parliament on 29 March. People will have an opportunity to comment on the Bill during the Select Committee process.
- Dependent contractor protections are under review by MBIE with measures expected to include extending statutory minimum entitlements for leave and ensuring dependent contractors have the right to bargain collectively. Watch this space!
We’ll keep you up to date as further developments are announced.
Accelerate - December 2023
Accelerate August 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
